Content - RBI - Reserve Bank of India
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Published on May 12, 2017
Content
Foreword | |
List of Abbreviations | |
Chapter I: Overview | |
Chapter II: Fiscal Position of State Governments | |
1. | Introduction |
2. | Accounts: 2014-15 |
3. | Revised Estimates: 2015-16 |
4. | Budget Estimates: 2016-17 |
5. | Budget Estimates: 2017-18 |
6. | Outstanding Liabilities of State Governments |
7. | Debt Sustainability of Indian States |
8. | Concluding Observations |
Chapter III: Goods and Services Tax: A Game Changer | |
1. | Introduction |
2. | The Concept |
3. | The Cross Country Experience |
4. | The Indian Context – Overview and Status |
5. | Experience of Indian States with VAT |
6. | Concluding Observations |
Chapter IV: Issues and Perspectives | |
1. | Introduction |
2. | Debate on the Revenue Neutral Rate |
3. | Dispute Resolution Mechanism and IT Infrastructure |
4. | Administrative Control of GST |
5. | Fiscal Federalism and GST |
6. | Central Transfers to States |
7. | Implications of Special Levies |
8. | Concluding Observations |
Chapter V: Way Forward | |
Annex I – GST Council Meeting and Major Decisions – Timeline | |
Annex II – Stochastic Frontier Analysis – Methodology | |
References | |
Explanatory Note on Data Sources and Methodology | |
LIST OF BOXES | |
II.1 | Relaxation of Fiscal Rules for States |
II.2 | Debt Sustainability of Indian States – Inter-Temporal Budget Constraint Approach |
III.1 | What GST Implies for Various Economic Agents |
III.2 | Impact on Inflation |
III.3 | Integrated Goods and Services Tax (IGST) |
IV.1 | Can there be an Optimal Rate for Taxing Commodities |
IV.2 | Goods and Services Tax Network (GSTN) |
LIST OF TABLES | |
II.1 | Major Deficit Indicators of State Governments |
II.2 | Fiscal Imbalances in Non-Special and Special Category States |
II.3 | Aggregate Receipts of State Governments |
II.4 | Expenditure Pattern of State Governments |
II.5 | Variation in Major Items |
II.6 | Deficit Indicators of State Governments |
II.7 | Decomposition and Financing Pattern of Gross Fiscal Deficit |
II.8 | Composition of Expenditure on Social Services (Revenue and Capital Accounts) |
II.9 | Major Deficit Indicators of State Governments |
II.10 | Outstanding Liabilities of State Governments |
II.11 | Composition of Outstanding Liabilities of State Governments |
II.12 | Maturity Profile of Outstanding State Government Securities |
II.13 | Fiscal Sustainability of All State Governments – Indicator-based Analysis |
III.1 | Taxes subsumed under GST |
III.2 | VAT and GST |
III.3 | VAT/GST Rates – Select Countries |
III.4 | GST Revision in Singapore |
IV.1 | Revenue Neutral Rate |
IV.2 | Share of Revenue of State Governments |
IV.3 | Cess imposed by the Central Government |
IV.4 | Surcharge Imposed by Central Government |
IV.5 | Special Levies by the Central Government |
LIST OF CHARTS | |
II.1 | Major Deficit Indicators |
II.2 | Gross Fiscal Deficit |
II.3 | Committed Expenditure |
II.4 | Social Sector Expenditure |
II.5 | Debt and Interest Burden |
II.6 | Utilisation of WMA and Overdraft by States |
III.1 | VAT/GST Rates |
III.2 | State Revenue Portfolios |
III.3 | The Growth-and-Volatility Efficiency Frontier: Sales Tax – NSC States |
III.4 | The Growth-and-Volatility Efficiency Frontier: Sales Tax – SC States |
LIST OF APPENDIX TABLES | |
1 | Major Deficit Indicators of State Governments |
2 | Devolution and Transfer of Resources from the Centre |
3 | Development and Non-Development Expenditure |
4 | Development Expenditure – Major Heads |
5 | Non-Development Expenditure – Major Heads |
6 | Development and Non-Development Expenditure – Plan and Non-Plan Components |
7 | Composition of Social Sector Expenditure |
8 | Decomposition of Gross Fiscal Deficit |
9 | Financing of Gross Fiscal Deficit |
10 | Financing of Gross Fiscal Deficit – As Per cent to Total |
11 | Composition of Outstanding Liabilities of State Governments |
12 | Composition of Outstanding Liabilities of State Governments - As Proportion to Total |
13 | State Government Market Borrowings |
LIST OF STATEMENTS | |
1 | Major Fiscal Indicators |
2 | Revenue Deficit/Surplus |
3 | Gross Fiscal Deficit/Surplus |
4 | Decomposition of Gross Fiscal Deficit |
5 | Financing of Gross Fiscal Deficit – 2014-15 (Accounts) |
6 | Financing of Gross Fiscal Deficit- As per cent to Total – 2014-15 (Accounts) |
7 | Financing of Gross Fiscal Deficit- 2015-16 (RE) |
8 | Financing of Gross Fiscal Deficit- As per cent to Total – 2015-16 (RE) |
9 | Financing of Gross Fiscal Deficit – 2016-17 (BE) |
10 | Financing of Gross Fiscal Deficit- As per cent to Total -2016-17 (BE) |
11 | Development Expenditure |
12 | Non-Development Expenditure |
13 | Interest Payments |
14 | Tax Revenue |
15 | Non-Tax Revenue |
16 | Loans from the Centre |
17 | Devolution and Transfer of Resources from the Centre |
18 | Composition of Outstanding Liabilities |
19 | Total Outstanding Liabilities of State Governments |
20 | Total Outstanding Liabilities – As percentage of GSDP |
21 | Market Borrowings of State Governments |
22 | State Government Market Loans |
23 | Maturity Profile of Outstanding State Government Securities |
24 | Maturity Profile of Outstanding State Government Securities - As Percentage to Total |
25 | Investment Outstanding in Treasury Bills |
26 | Expenditure on Education – As Ratio to Aggregate Expenditure |
27 | Expenditure on Medical and Public Health and Family Welfare - As Ratio to Aggregate Expenditure |
28 | Outstanding Guarantees of State Governments |
29 | Expenditure on Wages and Salaries |
30 | Expenditure on Operations and Maintenance |
31 | Social Sector Expenditure |
32 | Social Sector Expenditure to Total Expenditure |
33 | Revenue Receipts of State Governments |
34 | Revenue Expenditure of the State Governments |
35 | Development Expenditure: Select Indicators |
APPENDICES | |
I. | Revenue Receipts of States and Union Territories with Legislature |
II. | Revenue Expenditure of States and Union Territories with Legislature |
III. | Capital Receipts of States and Union Territories with Legislature |
IV. | Capital Expenditure of States and Union Territories with Legislature |
NOTES TO APPENDICES |
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